Cunningham Lindsey Qatar Regional Head of Business Interruption Carl Roberts BI Claims Issues in Qatar, the Middle East (and Beyond)
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1 Cunningham Lindsey Qatar Regional Head of Business Interruption Carl Roberts BI Claims Issues in Qatar, the Middle East (and Beyond) IMIA Conference Doha, Qatar October 2016
2 BI Claims in Qatar, the Middle East and Beyond - Contents Background Qatar -.Business and Economic Environment Environmental Factors Insurance Literacy Size of the Market Influence of Clients Short Term Approaches Management of the Local Authorities / Lack of Independent Verification Resources Legal Framework / Licensing Competency of Business Managers Supply Chains / Suppliers Stocks, Equipment and Technical Back up 2
3 BI Claims in Qatar, the Middle East and Beyond - Background Carl Roberts Regional Head of Business Interruption Claims and part of the Major and Complex loss team. Qualified with a Bachelors of Commerce Degree with Specialisation in Risk Management through the University of South Africa. Obtained Fellowships with the Institute of Loss Adjusters in South Africa, International Federation of Adjusting Associations as well as the Institute of Risk Managers in South Africa. Started adjusting in 1994 after 4 years National Service in SA. Worked at 2 International Adjusting firms in Cape Town, sat on the ILASA and IISA regional committees. Decided to travel in First posting was in the Caribbean Hurricane Ivan response part of a small dedicated team that dealt with the claim for the Cayman Islands Government settled by negotiation at US$ 100 million. Based in London from 2005 to 2009 Headed up a property team of 10 adjusters covering North and East London before moving to a Major and Complex Loss Team. In 2010 took an offer to move to Qatar to take up a Country Manager role with a Regional practice. Moved to Cunningham Lindsey in 2012 and was assigned to Major and Complex Loss. 3
4 Qatar- Business & Economic Environment The State of Qatar is a sovereign Arab country located in Western Asia occupying a small Peninsula on the northeastern coast of the Arabian peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. As of end of 2015, Qatar's total population was 2.3 million of which only 278,000 are Qatari citizens, with the balance representing temporary expatriates employed primarily in Construction. Demographic highlights: Indian, Nepali, Filipino, Bangladeshi, Sudanese, Pakistani and Indonesians comprise some 1.5Million, employed predominantly in low paying construction jobs. Europeans and Americans comprise less than 55,000 persons. The population of Qatar quadrupled in the period and was forecast to rise by 10% in 2016 due to the high number of new construction projects slated to start, this has however slowed down and mix of population has changed significantly. The State of Qatar generates its wealth from its reserves of natural gas, and is the largest exporter of LNG in the World current known reserves have a production life of 160 years at present level. Following the award of the FIFA World Cup 2022 in 2011, Qatar initially invested heavily in its infrastructure projects ahead of the actual stadia and hotel developments, which were anticipated to start in 2015, which were then delayed until 2016, and which are now largely on hold. 4
5 Qatar- Business & Economic Environment The World Cup alone is calculated to contribute some US$200 Billion in construction projects. GDP is projected to grow at 6.6% in 2016 despite fluctuations in gas and oil prices however in Q and ongoing there are clear indications of a major slowdown in all sectors of construction with projects being quietly sidelined or trimmed back as a result of falling gas and oil prices. Many of the state owned entities have made significant cut backs in European expatriate staff and continue to do so. Inflation in Qatar is estimated at 4% for 2016, however the Rent, Fuel and Energy sectors are expected to peak at 7.6%, examples below: Furniture, textiles & home appliances +5.4% Garments and footwear +2.2% Transport and communication +1.8% Miscellaneous goods & services +1.3% Entertainment, recreation & culture +0.8% Rent +10% 5
6 Environmental Factors Extremes of the physical environment can increase likelihood of incidents Plant and equipment often not designed to operate under such conditions Electrical platform can be erratic leading to an inception hazard through electrical overloads Over Summer permanent Air Conditioning leads to increased fire risk Fire season 6
7 Insurance Literacy New Market with a diverse workforce from all over the world Insurance with clients generally a function of Financial Managers with emphasis on the bottom line Often limited exposure to the construction of coverage Shortage of Professional Brokers to advise and guide Often business written directly with Insurers Case Study Policy Extensions : Shopping Mall Fire 7
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12 Size of the Market / Influence of Clients Market consists of large Groups of companies whose interests are often intertwined Risk retention often quite low and risks placed in the reinsurance market Group companies throughout the supply chain mindful of profiteering following losses Local groups carry a lot of influence sometimes even own the Insurers and can exercise significant influence Merits of claims sometimes managed as a business imperative rather than on a technical basis 12
13 Short Term Approaches Often Managers/Staff assigned for a limited term Leads to a loss of information required to move claims forward Short Term Profits for the term of the Manager often the driver of a business Can lead to pushing plant and equipment to breaking point rather than instilling a robust maintenance regime Lack of long term consequences can lead to short cutting on materials and practices 13
14 Management of the Authorities / Lack of Independent Verification Resources No central body against with to check financial data Generally rely on a combination of audited accounts plus local market knowledge Smaller companies have no audited accounts so easy to erroneous produce data that supports a claim Civil Defence Authority actions can be unpredictable Case Study : Mall Fire 14
15 Legal Framework / Licensing Prevailing Laws governing business are : Qatar Commercial Code Qatar Civil Code Policy Terms and Conditions Business Custom Qatar Commercial Code and Civil Code supercede terms of the policy Provisions relating to Insurance can lead to the application of warranties being questions Can lead to problems where different jurisdictions apply to Insurance and Reinsurance contracts Case Study : Mall under Construction Court process Appointment of Specialists by the court Evidence heard by the courts from licensed practitioners only 15
16 Competency of Business Managers Often lack of experience in Risk Management and the claims environment No Business Continuity Planning Managers / Staff can be released quickly with little process leads to a culture of fear to make decisions Difficult to break down rigid thinking to seek solutions outside of the comfort zone Lack of Urgency Case studies hotel fire and residential apartment block fire 16
17 Supply Chains / Suppliers Manufacturing often done overseas leads to difficulties in stock replenishment Lack of influence with large suppliers difficult to prioritise critical orders Costs associated with acceleration needs to be factored in Lack of local technical support staff 17
18 Now for the Positives Brand new country filled with an appetite of optimism Country leadership committed to making Qatar a strong regional player Growth opportunities abound Exciting place to do business 18
19 Discussion??? 19
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